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Overview of International General Insurance Holdings Ltd (IGIC)
International General Insurance Holdings Ltd (IGIC) is a globally recognized specialist commercial insurer and reinsurer, operating across key markets in Bermuda, the United Kingdom, Jordan, and Malaysia. Established in 2002, the company has carved a niche in underwriting a diverse portfolio of specialty insurance and reinsurance lines, with a strong geographical focus on the Afro-Asian markets. IGIC’s operations are strategically designed to address complex risk management needs, offering tailored solutions across a wide range of industries and sectors.
Core Business Areas
IGIC’s business model revolves around underwriting specialty insurance and reinsurance products. Its portfolio spans multiple high-demand sectors, including:
- Energy: Covering risks associated with oil and gas industries, renewable energy, and other energy-related operations.
- Marine: Providing insurance solutions for shipping, cargo, and related maritime activities.
- Property: Addressing commercial property risks, including industrial facilities and real estate.
- Construction and Engineering: Offering coverage for large-scale infrastructure projects and engineering ventures.
- Financial Institutions: Protecting banks and other financial entities against operational and liability risks.
- Casualty and General Aviation: Covering liabilities and risks tied to aviation and other industries.
- Political Violence: Mitigating risks from political instability, terrorism, and civil unrest.
- Reinsurance: Providing treaty and facultative reinsurance solutions to other insurers.
By focusing on these specialized lines, IGIC has established itself as a trusted partner for businesses operating in sectors with complex and high-value risk profiles.
Geographical Focus and Market Position
IGIC’s primary geographical focus lies in the Afro-Asian markets, where it leverages its deep regional expertise to address unique insurance challenges. The company’s strategic positioning in emerging markets allows it to tap into growing demand for specialty insurance solutions, particularly in regions with evolving infrastructure and economic development. At the same time, IGIC maintains a global footprint through its operations in Bermuda, the UK, Jordan, and Malaysia, ensuring a balanced and diversified market presence.
Operational Structure and Regulatory Compliance
IGIC’s operational structure is designed to maximize efficiency and regulatory adherence. The company’s Bermuda-based entity, IGI Bermuda, serves as the principal underwriting entity and is classified as a Class 3B reinsurer under the Bermuda Monetary Authority (BMA). This classification underscores its capability to handle significant reinsurance operations. Additionally, IGIC’s Jordan office, IGI Underwriting Company Limited Amman, manages all underwriting, operational, and administrative functions, ensuring seamless coordination across its global network. The company’s A- (Excellent) rating with a stable outlook from A.M. Best further reinforces its financial stability and trustworthiness.
Competitive Landscape and Differentiation
Operating in the highly competitive specialty insurance and reinsurance industry, IGIC faces competition from global insurers and reinsurers. However, its focus on Afro-Asian markets, coupled with its expertise in niche insurance lines, sets it apart. IGIC’s ability to offer customized solutions tailored to the unique needs of its clients, along with its strong financial ratings and regulatory compliance, enhances its competitive edge.
Conclusion
International General Insurance Holdings Ltd (IGIC) stands out as a key player in the specialty insurance and reinsurance sector. With its diversified portfolio, regional expertise, and robust operational framework, the company is well-positioned to address the complex insurance needs of businesses across its target markets. Its commitment to financial stability, regulatory compliance, and customer-centric solutions underscores its role as a trusted partner in the global insurance landscape.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) announced that AM Best has reaffirmed its financial strength ratings at A (Excellent) with a Stable outlook. The ratings reflect IGI’s strong consolidated balance sheet and robust underwriting performance. Chairman and CEO Wasef Jabsheh noted the firm's strategic expansion into Europe, emphasizing its focus on maintaining quality profitable underwriting. IGI is recognized as a specialist commercial insurer with a diverse portfolio across various sectors and regions.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) will announce its third-quarter and nine-month financial results for 2021 on November 11, 2021, after U.S. market close. The results will be posted on their website. Established in 2001 and based in Bermuda, IGI specializes in underwriting diverse commercial insurance and reinsurance products, with a global presence. The company holds 'A' (Excellent) rating from AM Best and 'A-' from S&P Global Ratings, indicating strong financial stability.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) announced it will file restated consolidated financial statements for the year ending December 31, 2020, due to SEC guidance on SPAC warrant accounting. The restatement results in a $4.4 million decrease in net income and a $13.6 million increase in total liabilities as of December 31, 2020. No impact on liquidity or cash flows is expected. IGI's Chairman reassured that this revision does not affect the company’s financial strength or previously communicated income figures.
On October 9, 2023, International General Insurance Holdings Ltd. (NASDAQ: IGIC) appointed Manpreet Kaur Gill as the Asia Pacific Financial and Professional Lines Underwriter, based in Kuala Lumpur. With 24 years of experience, including leadership roles at QBE Malaysia and AIG Malaysia, her appointment aims to enhance IGI's presence in the Financial and Professional Lines market in the Asia Pacific region. CEO Nick Garrity highlighted the increasing demand for their services, signifying growth opportunities for IGI.
International General Insurance Holdings Ltd. (IGIC) announced that its European subsidiary, IGI Europe, has received financial strength ratings from S&P Global Ratings and AM Best. S&P assigned an 'A-' rating, while AM Best assigned an 'A' rating, both with stable outlooks. These ratings enhance IGI Europe's position in the European market, where it began operations in July 2021. CEO Keith Mallia-Milanes emphasized the strategic importance of these ratings and expressed optimism about the company's growth potential in Europe.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) reported its Q2 and H1 2021 financial results, highlighting a 21% growth in gross written premiums to $166.1 million from $137.3 million in Q2 2020. However, net profit decreased to $5.6 million from $12.0 million year-on-year. The combined ratio rose to 92.3% from 84.0%, reflecting increased loss ratios. Core operating income was $9.0 million, down from $10.3 million in Q2 2020. Despite these challenges, the company grew its book value per share by 1.9% year-to-date and announced a dividend of $0.16 per share.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) has declared a cash dividend of $0.16 per share for the period from January 1 to June 30, 2021. This dividend is payable on September 7, 2021 to shareholders recorded by August 23, 2021, and IGIC will trade ex-dividend starting August 20, 2021. IGI provides a diverse range of specialty insurance and reinsurance services globally and maintains strong ratings from AM Best and S&P Global Ratings.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) announced it will release its financial results for the second quarter and half year ending June 30, 2021, on August 12, 2021, after market close. An investor teleconference will follow on August 13, 2021, at 9:00 a.m. Eastern time for discussion of the results. Participants can join via phone or listen to a live webcast available on the company’s website, which will also host an archived version.
IGI is an international specialty insurer and reinsurer with a diverse portfolio and strong ratings from AM Best and S&P Global Ratings.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) has established a new European subsidiary, IGI Europe, in Malta after receiving licensing from the Malta Financial Services Authority. This strategic move aims to enhance access to European markets post-Brexit. Keith Mallia-Milanes has been appointed CEO of IGI Europe, bringing over 35 years of industry experience. IGI Europe is authorized to underwrite a full range of IGI products and will utilize passport rights across the EU and EEA, positioning IGI for growth in the European insurance sector.
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